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XMR/USD: Monero set for March 9th Hard Fork

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Monero developers are set to fork their network on March 9th to reduce the effectiveness of ASICs.
The hard 
fork will change Monero’s proof-of-work algorithm and reduce the hash rate capabilities of ASIC miners by a factor of more than 2.5.

Monero developers are set to fork their network on March 9th to reduce the effectiveness of ASICs. This move will significantly lower hash rate allowing small-scale mining operations running graphics processing units (GPUs) to compete favorably and make the network’s PoW algorithm less ASIC-friendly.

The details of the hard fork, as posted by Redditor by sech1, are as follows:

The fork will occur at block height 1,788,000.
The network upgrade will bring about changes to Monero’s PoW algorithm by adjusting blocksize.
Monero devs will activate the fork on the 0.13 branch.

The hard fork will stall the effectiveness of the ASIC miners. As per sech1, this new PoW algorithm will reduce the hash rate capabilities of ASIC miners by a factor of more than 2.5. There is another future hard fork that has been tentatively scheduled for October 2019.

Source: fxstreet

Monero

Monero Price Prediction: XMR Could Boost Its Price Soon, According To Technical Indicators

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The market has been really volatile these days, and most coins suffered a strong correction after surging and giving hopes to investors.

Monero, for instance, has reportedly been trapped in a range accumulation for more than a year now.

Since back in August 2018, the privacy-oriented coin has been range trading in a pretty wide range, according to CCN: between $40 and $120 with a midpoint at $80.

The online publication notes that “The length of time spent in this range tells us that the privacy coin has entered a period of accumulation.”

You may recall that back in June, XMR attempted to take out resistance of $120, but the market was already in overbought territory as CCN notes. In other words, this triggered a rejection from the bears.

Optimistic predictions about the price of XMR

The online publication is pretty optimistic and says that the good news is that XMR managed to stay above the range midpoint of $80.

This is pretty bullish because it shows that buyers are not waiting for the crypto to plunge to the range support. This also allows bulls to establish a higher low setup.

The online publication also brings up Nik Patel who tweeted the following:

Head over to CCN’s original article to check out more important indicators for the bullish XMR-related predictions.

At the moment of writing this article, XMR is trading in the red and the most important coin in the market is priced at $80.29.

Monero mining malware

XMR was in the spotlight not too long ago, after reports coming from Cryptovest claim that the Varonis Security Research has recently discovered a new strain of mining malware that’s able to disguise the mining for Monero on consumer electronics or networks.

It’s been reported that this malware is called Norman and it managed to infect an entire company network.

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Monero technical analysis: Bulls and bears cancel each other out over the last five days

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  • XMR/USD charts six straight bearish 4-hour sessions after charting death cross pattern.
  • The relative strength index (RSI) indicator of the hourly chart has entered the oversold zone.

XMR/USD daily chart

fxsoriginal

XMR/USD has so far gone down from $86.25 to $82.15 this Wednesday. In the process, the bulls and bears have canceled each other out over the last five days. The 20-day simple moving average (SMA 20) curve has crossed over the SMA 50, and are trending above the price chart. The Elliot oscillator shows decreasing bullish sessions.

XMR/USD 4-hour chart

fxsoriginal

The 4-hour XMR/USD chart shows that the SMA 200 and has crossed over the SMA 50 curve, charting a death cross pattern. Ever since then, XMR/USD has broken below the upward trending line and charted six straight bearish sessions. During these six sessions, the price of XMR/USD has fallen from $88.75 to $82.25. The moving average convergence/divergence (MACD) indicator shows three straight bearish sessions of increasing intensity.

XMR/USD hourly chart

fxsoriginal

The hourly XMR/USD shows that the price has gone up to $90.15, where it met resistance and dropped down to $82.15. The second last price session broke past the red Ichimoku cloud and the support provided by the SMA 200 curve. The relative strength index (RSI) indicator has entered the oversold zone.

Key Levels

XMR/USD

OVERVIEW
Today last price82.2261
Today Daily Change-3.8019
Today Daily Change %-4.42
Today daily open86.028
TRENDS
Daily SMA2088.1548
Daily SMA5087.2259
Daily SMA10090.1833
Daily SMA20073.8124
LEVELS
Previous Daily High91.2689
Previous Daily Low84.3725
Previous Weekly High92.8427
Previous Weekly Low74.0946
Previous Monthly High108.6298
Previous Monthly Low71.8863
Daily Fibonacci 38.2%87.0069
Daily Fibonacci 61.8%88.6344
Daily Pivot Point S183.1774
Daily Pivot Point S280.3268
Daily Pivot Point S376.281
Daily Pivot Point R190.0737
Daily Pivot Point R294.1195
Daily Pivot Point R396.9701

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Monero Price Analysis: XMR Sees a Positive Price Difference Due to the 5-Day Long Bullish Trend

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  • Monero has come up with a bullish price scenario over a week, continues to give positive signs
  • XMR appears to have a support level at $74.72, also, the bullish trendline is anticipated to act as a support level
  • Yesterday, the coin had a close around $90, may cross the price mark again

Monero has been trading with a bullish impact against U.S.Dollar since the last 5 days. The coin has witnessed how its price has been uplifted notably, due to Bitcoin’s recent price rally above $10,600.

5 days ago, XMR was trading at $78.58 and it saw a price plunge at $74.72. Seeing a support level here, XMR steadily surged above $83 with an increase of 11.46%. The coin corrected down to $78.08 and again took a rebound. XMR maintained its price range from $80 to $83 till it saw another price surge on 18th August.

Since the last couple of days, XMR has been steadily moving up and yesterday it even reached as high as $90.55. The coin is correcting down at the moment and is at $88.32 at 05:01:04 UTC.

XMR/USD Price Chart

Monero Price Chart
Monero Price Chart

Monero’s current price is above its 5-day SMA of $85.90 along with its 50-day SMA of $87.18. Its long term SMA is about to slip below its short term SMA, which indicates a bullish price move. Also, XMR is trading in ‘buy’ phase.

Monero Price Prediction & Technical Indicators:

The MACD chart of the coin is moderately volatile and is entering bullish zone with its MACD line above its Signal line. RSI for the coin is above 50, showing no extremities. XMR may face resistance at $92.28 and support at $ 82.65.

Source.cryptonewsz.


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